The Arizona Department of Financial Institutions requires the Arizona Mortgage Broker Bond. According to Arizona Revised Statutes Section 6-901, a mortgage broker is
“a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates, or offers to make or negotiate a mortgage banking loan or a mortgage loan”.
In order to become a licensed mortgage broker in the State of Arizona, all applicants must file the Arizona Mortgage Broker Bond with the Superintendent of the Department of Financial Institutions, and upload the bond into the NMLS forms portal. The bond ensures the faithful compliance of the licensee, including the licensee’s directors, officers, members, partners, trustees, and employees with Title 6, Chapter 9 of the Arizona Revised Statutes. Any person injured by the wrongful act of the licensee may make a claim on the bond for financial compensation.
The required bond amount is $10,000 for licensees whose investors are limited solely to institutional investors and $15,000 for licensees whose investors include any non institutional investors.
Apply here for your Arizona Mortgage Broker Bond today!
According to the National Mortgage Licensing System, an “institutional investor” is:
- A state or national bank
- A state or federal savings and loan association
- A state or federal savings bank
- A state or federal credit union
- A federal government agency or instrumentality
- A quasi-federal government agency
- A financial enterprise
- A licensed real estate broker or salesman
- A profit sharing or pension trust
- An insurance company
The Arizona Mortgage Broker Surety Bond remains in full force and effect until the Surety cancels the bond. The Surety must provide the Superintendent and the Principal of the bond with thirty day cancellation notices prior to the cancellation date.
Click here to access our fast and easy Mortgage Industry application!
Licensing Fees and Requirements:
- Arizona Mortgage Broker Bond
- $800 non-refundable application fee
- $100 non-refundable processing fee
- Qualifying Individual
- Verification of Experience
- MU2 Individual FBI Criminal Background Check Requirements
- Disclosure Questions through NMLS
- Most current Un-Audited Financial Statements
- Certificate of Authority/Good Standing Certificate
All licensing fees are required by the obligee (the State), not the surety company.
Licenses must be renewed annually.
What is the process to get a Arizona Mortgage Broker Bond?
At Surety1 we make it easy to obtain your Arizona Mortgage Broker Bond.
- Simply complete our easy to navigate, online application. The name of the insured on the bond application must match exactly the Full Legal Name of applicant in NMLS.
- Usually within 1 business day, one of our professional agents will provide you with free, no obligation quote for the bond.
- Then we will email you some important paperwork to be signed and returned electronically and pay for your bond (all major credit cards accepted).
That’s it. Once these 3 steps have been completed, your bond be delivered to you via traceable mail. You must sign the bond and then upload it in the documents upload section of the NMLS.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. The company maintains an A+ rating from the Better Business Bureau and is licensed in all 50 states.